In recent years, the internet has fuelled huge development in online shopping. The overall number of customers in the US e-commerce market is expected to grow steadily from 2023 to 2027, by an aggregate of 15.2 million (+5.53 percent), according to Statista.
We have successfully reached the digitization era, in which technology thrives and replaces old activities, making our lives easier than before. Blockchain, NFTs, Virtual Reality, and virtual money are recent technological advances that anticipate a more immersive online experience—the so-called "metaverse."
This blog is about the metaverse and its impact on the online commerce scene, which is something that every eCommerce business owner should be aware of.
So, let’s start with the benefits of Metaverse in the retail industry.
Benefits Of Metaverse In The Retail Industry
Here are the benefits of Metaverse in the retail industry
1. Virtual Shopping
The virtual world will elevate the shopping experience by providing more immersive product experiences. Virtual stores will exist in the virtual world, allowing customers to have a fully immersive interaction with the products they purchase.
Because they are digital assets, retailers can open the same stores in other virtual worlds. Even Facebook has the option of using Facebook Shop to sell things on Facebook.
Customers will have a more immersive shopping experience if they can explore and experience products in multiple dimensions. The distinction between actual and virtual shopping will be nearly obliterated.
2. Personalized Shopping
Personalization is the key to corporate success. Customers enjoy purchasing personalized items. Customers can already modify things using a variety of tools that are currently available.
eCommerce giants are already capitalizing on product personalization by making it possible for customers to tailor and customize things to their specifications. The metaverse will expand possibilities and push product personalization to new heights. Customers will be able to tailor products and experience them in real-time through virtual experiences.
3. Customer Interaction
The hyper-real alternative virtual world will usher in a huge shift in how people interact with virtual objects. The metaverse has a lot of potential for disruption in the digital business environment, including how individuals interact with companies and commodities.
Today's monotonous 2D product sites will be transformed into a 3D virtual arena where consumers may interact with virtual objects and other people. This will increase client connection with companies and items to a degree comparable to in-person shopping.
Customers' purchasing decisions will be considerably influenced by such an engaging product experience. It will also improve customers' pre-sales and post-sales purchasing experiences through various evolving virtual touchpoints. Brands, for example, can demonstrate their products in motion by using virtual items in the metaverse.
Use-Cases of Metaverse in Retail Landscape
Shopping in the Metaverse may be a novel concept for many consumers, but it is currently being implemented by a diverse range of brands and businesses. Aside from avatar shopping, the following are the most prominent use cases:
- Virtual Reality: Some retailers have begun usingeCommerce app development services and developing platforms that leverage the sense of immersion given by virtual reality equipment such as Oculus headsets.
- Integrated Branding: For several decades, brands have paid for advertisements in movies and television shows. Companies such as Procter & Gamble and Hellman's are now collaborating with online gaming to become a part of the digital ecosystem.
- Selling NFTs (non-fungible tokens): Crockpot, for example, sells digital versions of products for purchase in the digital arena.
- Augmented Reality: Retailers such as Amazon and IKEA have started making investments in augmented reality so that customers can go beyond picturing products in the digital realm and instead use phone apps to see how a certain item would look on their bodies in real life or in their workplaces and homes.
- Products for Digital Avatars: Significant companies like Gucci and Louis Vuitton have begun offering digital merchandise for virtual avatars such as bags and jewelry.
How To Start A Metaverse Retail Business
If you're wondering how to set up a retail business in the Metaverse, follow the steps mentioned below:
#1. Create a Customer Persona
Determine the type of customers you want to interact with. Population statistics, capacity to spend, preferences, and personal tastes are all part of a customer persona.
This will assist you in determining the best technique for connecting with your customers. If your clients enjoy sports, for example, having a sports game-based setting within your virtual store could help you increase conversions.
#2. Understand the Virtual Space
Numerous businesses are still unfamiliar with digital currency and three-dimensional settings. Conduct thorough research to discover more about the many Metaverse platform benefits. The Ethereum Blockchain supports Decentraland and Sandbox, whereas the Cardano Blockchain powers the Pavia metaverse.
Buyers have to shell out significant 'gas' (transaction) fees for creating their NFTs on the Ethereum Blockchain. This could be a hindrance to making significant purchases, so it's worthwhile looking into alternative platforms instead. Each platform has its own in-game currency, which can be swapped for real-world money on several cryptocurrency exchanges.
#3. Create Different Marketing Channels
Numerous companies have already begun to experiment with various marketing channels in order to advertise themselves. Marketing in the Metaverse, on the other hand, will be tough because firms must raise awareness of their virtual areas.
To attract the correct audiences, a comprehensive Metaverse corporate marketing strategy made by the top mobile app development company would be required. It is recommended that you must have a strong digital presence before entering the metaverse.
#4. Begin Your Virtual Journey
The Metaverse entry strategy defines the procedures that a corporation must follow to get started. If your company plans to create and sell digital assets, listing on a secondary marketplace like Opensea is a great option.
Nevertheless, if you want to create a virtual place for your clients, akin to Nikeland, a few steps must be taken.
To begin creating your virtual environment, you must first select a platform on which you're going to build your virtual world. Platforms with a huge client base, such as Roblox, Sandbox, and Decentraland, would be good places to construct your virtual area.
Following that, you can purchase a plot of land on the platform. Land can be purchased directly from platforms at auctions or indirectly from other land owners via secondary marketplaces.
Begin constructing your universe. Each platform provides development tools to help you start structuring your environments so they can connect with your clients. The Metaverse is all about interactions. Customers are going to desire to engage if you provide a stimulating atmosphere with fun games and other activities.
How Can Businesses Find the Right Metaverse Platform?
Metaverse Businesses must explore a variety of factors to determine which platform is best for their particular requirements.
Here are some factors to consider while choosing the best platform:
- Ease of Payments: Whatever platform you choose should have an easy-to-obtain and exchange currency within the game.
- Accessibility: Is the platform exclusive to VR users? Because the majority of people do not own a VR headset, a platform that consumers are able to use via a desktop computer, smartphone, or tablet would provide a greater audience and exposure.
- Platform Traffic: Many people utilize platforms like the Sandbox on a daily basis. It is advised to use prevalent platforms in order to connect with as many prospective customers as possible.
- Integrations: For business owners to manage client data and deliver exceptional customer care, the systems should also be interoperable with chatbots and CRMs.
Also Read: How metaverse can help the retail industry increase their customer experience?
Popular Examples of Retail in the Metaverse.
Some popular examples of retail businesses in the metaverse are:
➦ Alo Yoga
Alo Yoga's Metaverse store, powered by Roblox, offers calming sounds and yoga wear, as well as the ability to earn clothes through engagement.
For example, their black and white G.O.A.T jacket, which sells for $268 in stores, can be virtually earned in the metaverse by completing five days of meditation.
This concept disrupts traditional purchasing practices and places a premium on wellness, creating an immersive experience for customers.
➦ Gucci
Gucci was one of the first big brands to venture into the metaverse with their limited Gucci Vault Land powered by Sandbox. This model aimed to educate users about the company's history and heritage, rather than actively selling in the metaverse.
Users earned blockchain-based tokens or rewards for playing history games or interacting with vintage pieces. This approach helped to reach different audiences and emphasize brand recognition.
➦ Forever 21
Forever 21 has been experimenting with the metaverse for over a year, and it has been a success. The business marked its one-year milestone in December 2022 by making its Metaverse beanie a real-world object that could be bought online and offline storefronts.
This has created additional revenue and business opportunities, as well as enhanced marketing opportunities for the Metaverse store, driving more customer engagement and potentially encouraging more product testing.
➦ Nike
Nike is a major claim in the metaverse, with Nikeland being one of its original ventures into the immersive space. It enables users to watch sports events, participate in sports, and be the first to learn about new apparel items.
During NBA All-Star Week, participants were able to win rewards and unlock virtual products. Nikeland has already been viewed over 21 million times and accounts for 26% of the overall revenue of the brand.
Conclusion
The retail business is rapidly evolving, and the metaverse is at the forefront of this shift. Retailers can remain ahead of their competitors and assure their future success by proactively taking full advantage of the opportunities provided by the metaverse.
Moreover, you can get in touch with the top metaverse development company and with their help, build your retail business in the metaverse.
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Quy Technology Category: Mobile App Developers Profile: Quytech is an award-winning Mobile Apps / Augmented Reality / Virtual Reality / Artificial Intelligence, Blockchain and Game Development Company having an extensive experience of consulting developing various Immersive & Mobility solutions which are being used by the number of customers globally across the industry. We are working with various industries including eCommerce, healthcare, Training & Development, Retail, Real-estate, Entertainment, Education, Manufacturing, FMCG and many m ...
